News
Ontario ban on hand-held devices while driving doesn’t go far enough: survey
October 13, 2009 by Canadian UnderwriterResults of an RBC Insurance/Ipsos Reid survey suggest that, although there is strong public support for Ontario’s forthcoming ban on the use of hand-held devices while driving, a majority of Ontario drivers believe the ban does not go far enough.Ontario’s…
What’s New: In Brief (October 13, 2009)
October 13, 2009 by Canadian UnderwriterThere was a 2.8% decrease in the average of the lowest rates quoted for online auto insurance in 2009 Q3, compared to 2008 Q3, according to a Kanetix study. The decrease appears to be the result of changes in consumer…
Guy Carpenter predicts booming cat bond market for 2009 Q4
October 13, 2009 by Canadian UnderwriterThe catastrophe bond market is poised for an active 2009 Q4, according to a new report issued by Guy Carpenter & Company LLC and GC Securities, a division of MMC Securities Corp.The report, Cat Bond Update: Third Quarter 2009, posted…
What’s New: In Brief (October 09, 2009)
October 9, 2009 by Canadian UnderwriterInsured loss estimates for onshore properties in Japan as a result of Typhoon Melor range from US$850 million to US$1.5 billion, according to AIR Worldwide.On Oct. 8, 2009 Super Typhoon Melor made landfall in central Japan’s Aichi prefecture (population 7…
AIG clarifies debt, owes US government US$83.6 billion
October 9, 2009 by Canadian UnderwriterAIG must repay the government US$83.6 billion, the company reported, “in response to continuing confusion regarding the amount of assistance AIG has received from the government and the amount it must repay.” The company received a total of US$182.3 billion…
Banks vow to continue to sell insurance on Web sites, as government prepares to prohibit practice
October 9, 2009 by Canadian UnderwriterDescribing themselves as “shocked” by the Canadian government’s plan to introduce legislation that would prohibit banks from selling insurance on their Web sites, Canadian banks say they will continue to sell insurance from their Web sites in the meantime, “in…
Top 3 risks identified by retail industry also the risks for which the industry is least prepared
October 9, 2009 by Canadian UnderwriterThe current economic slowdown, damage to reputation and disruption or supply chain failure are the Top Three risks identified by the retail industry, an Aon Analytics report found.The report is based on data from Aon’s 2009 ‘Global Risk Management Survey,’…
Capture Facebook evidence early, defence counsel cautioned
October 8, 2009 by Canadian UnderwriterInsurance defence counsel should tread carefully when it comes to preserving evidence obtained on social networking sites such as Facebook.Speaking at the Canadian Defence Lawyers’ 2nd annual Accident Benefits Experts Seminar in Toronto, panelist Jennifer Malchuk of Hughes Amys LLP…
MPI reports increase in physical damage claims during first half of 2009
October 8, 2009 by Canadian UnderwriterManitoba Public Insurance (MPI) has reported a net income of Cdn$25.5 million for the first half of fiscal 2009, marking a decrease from the Cdn$40.3 million earned during the same period in 2008.Claims costs for the six-month period ended Aug.…
Insurers under-using their legal right to obtain infomation from accident benefits claimants
October 8, 2009 by Canadian UnderwriterInsurers are under-using s. 33 of the Statutory Accident Benefit Schedule (SABS) to obtain information from an applicant applying for accident benefits. Joy Stothers of Dutton Brock LLP made the observation at the Canadian Defence Lawyers 2nd Annual Accident Benefits…
Consolidation slowed, but not halted as brokers battle for middle market: Advisen
October 8, 2009 by Canadian UnderwriterBecause size matters, the hurried pace of consolidation in the brokerage sector will be slowed only temporarily by the recession, according to an Advisen Ltd. report. “Large brokers enjoy certain advantages of scope and scale,” said John Molka III, the…
Finance Minister tells banks that Web sites will soon be treated the same as branches for purpose of selling insurance
October 7, 2009 by Canadian UnderwriterThe Insurance Brokers Association of Canada (IBAC) is applauding Minister of Finance Jim Flaherty for sending formal letters to the large Canadian banks and the Canadian Bankers Association, making it clear the government intends to adopt policy measures that would…